(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
LOS ANGELES-Main Spring Development of New York City has placed the 13-story, 72-unit Great Republic Lofts on the market at an asking price of $25.5 million and has named the Hendricks & Partners team of Dean Zander and Vince Norris to market the property. Originally constructed by architectural firm Walker & Eisen in 1923 as the headquarters of Great Republic Life Insurance, the 100%-occupied property now features 72 loft-style residences and approximately 4,000 square feet of ground-floor retail space.
The tower, which is situated at the northeast corner of Spring and Eighth streets was completely redeveloped and transformed from 2007 through 2009 to the owners’ standards by architect David Gray. Zander and Norris expect the property to appeal to a wide variety of investors, including REITs, condominium converters, pension advisers, and high-net-worth private owners.
The Hendricks & Partners brokers note that, with Mills Act approval in place, a new owner will substantially save on property taxes. Additionally, the property was developed to condominium specifications, and ownership has begun the process to enable eventual sales of individual condominiums.
Units at Great Republic range from 660 square feet to more than 1,000 square feet, with an average of more than 800 square feet. The tower features amenities including a rooftop fitness center, a spa and grilling area, along with views of the Downtown L.A. skyline.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
